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Malaysian Pacific Industries fiscal Q2 profit falls YOY

Malaysian Pacific Industries Berhad said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 7 Malaysian sen per share, a decline of 35.1% from 11 sen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 13.0 million ringgits, a decrease of 35.1% from 20.0 million ringgits in the prior-year period.

The normalized profit margin dropped to 3.4% from 5.9% in the year-earlier period.

Total revenue climbed 12.2% year over year to 379.7 million ringgits from 338.3 million ringgits, and total operating expenses grew 13.1% from the prior-year period to 342.3 million ringgits from 302.7 million ringgits.

Reported net income increased 36.9% on an annual basis to 32.9 million ringgits, or 17 sen per share, from 24.1 million ringgits, or 13 sen per share.

As of Jan. 28, US$1 was equivalent to 4.17 ringgits.